“So rather than marching toward Austeria by pur- suing what are being presented as ‚sustainable‘ or ‚sound‘ spending policies requiring immediate bud- get retrenchment – and such assertions can only be made by those willfully blind to the interdependence of cash flows at the macro level – we need to kill two birds with one stone. Rather than blindly marching to Austeria, we need to set fiscal policy to the task of incentivizing the reinvestment of corporate profits in business operations rather than games at the casino.”

“Yet the Greek government bond market is near- dead, with precious few buying in and those who have left staying out. The short-date treasury bills Greece is selling are small in volume and high in price to the public purse.” Terence Roth, August 27, 2010

81

Biggest Gainers /Decliners

Dow Chemical (DOW) -9.99% (08/03/2010)

“If you compare German and US real GDP, say over the last 10 years, the US is faring better both in terms of the total period, but, most importantly, also in terms of catch up to the pre-crisis level of real GDP. The data, at least up until the first quarter, do not suggest that there is a particular German miracle. All they show is a somewhat greater degree of volatility. Germany slumped faster than the others, and is reco- vering a little faster. That’s it.” Wolfgang Muenchau, In: Eurointelligence, August 08, 2010.